Business
Alignment Healthcare Reports Third Quarter 2021 Financial Results
ORANGE, Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Alignment Healthcare, Inc. (“Alignment Healthcare” or the “Company”) (Nasdaq: ALHC), a mission-based,
About this update from Alignment Healthcare, Inc.
[{"type":"text","content":"ORANGE, Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Alignment Healthcare, Inc. (“Alignment Healthcare” or the “Company”) (Nasdaq: ALHC), a mission-based, tech-enabled Medicare Advantage company, today reported financial results for its third quarter ended September 30, 2021. “I’m pleased to be reporting another strong quarter of performance across all of our key metrics. We continued to focus our efforts on continuous improvement as we strive to deliver the highest quality care by leveraging the power of our AVA technology platform, care model and provider engagement efforts,” said John Kao, founder and CEO. “During the quarter, we further enhanced our product offerings, reflecting our commitment to putting our seniors first. I’m confident that our differentiated approach and rich product offerings will be key to our ability to execute our focus on growing membership in a reliable, sustainable fashion,” Kao added. Third Quarter 2021 Financial HighlightsAll comparisons, unless otherwise noted, are to the three months ended September 30, 2020. Health plan membership at the end of the quarter was approximately 86,000, up 29% year over yearTotal revenue was $293.5 million, up 18% year over yearHealth plan premium revenue of $278.8 million represented 24% growth year over yearAdjusted gross profit was $42.0 million and loss from operations was ($41.5) million Adjusted gross profit excludes depreciation of $0.05 million and equity-based compensation of $2.4 million recorded within medical expenses Medical benefits ratio based on adjusted gross profit was 85.7% Adjusted EBITDA was ($5.5) million and net loss was ($45.8) millionAs of September 30, 2021, total cash was $500.5 million and debt was $153.0 million (excluding unamortized debt issuance costs) Adjusted Gross Profit is reconciled as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (dollars in thousands) Income (loss) from operations $(41,450) $15,060 $(134,606) $22,532 Add back: Equity-based compensation (medical expenses) 2,435 - 11,458 - Depreciation (medical expenses) 53 87 159 280 Depreciation and amortization 4,080 3,933 11,725 11,024 Selling, general, and administrative expenses 76,846 38,794 212,910 105,279 Total add back 83,414 42,814 236,252 116,583 Adjusted gross profit $41,964 $57,874 $101,646 $139,115 Adjusted gross profit ...